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USDJPY Revisited
By Eliseo Agas | July 16, 2007
I don’t like my previous short USDJPY idea any more.
Monday action came up short, no pun intended, on my expectations. We get a spinning top candlestick coinciding with price action that wasn’t able to come even close to challenging the most recent swing low from last week. Also, today’s action seems to be hesitating at general support in the 121.80 area. Generally speaking, this idea might still work out but once I see action like this on a chart my past experience tells me the probabilities are no longer in my favor.
Remember, seek high probability setups only and stick to them until the price tells you otherwise. For now, I’m neutral and flat this pair. Getting out at this area leaves us slightly in the money relative to my original post for this pair.
Tags: dollar, forex, forex news, forex trading
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